Well, yes. That was the plan. And whatever else the F35 is, it's at least better than the Harrier and the F16, even the latest 16V variant. I think the Brits are fairly happy with that.
I think you're overselling that. it doesn't even match the F-16's strike payload, nor range, nor reliability, nor turnaround rate between sorties, nor reliability, and costs more than both in terms of maintenance man-hours and fuel use. (Reliability)
It also suffers in night and weather, and consumes more fuel per flight hour, with a shorter radius of action and earlier bingo time and that's comparison to an airframe that was intended to compete with the Mig 21 and the F-5 when it was designed as a
Light fighter, not all-purpose. Compare 'like to like', the F-18, Eurofighter Typhoon, or some of the newer models coming out of china or russia, because those are a lot more likely to be bases of comparison than the F-16.
Notably also, the F-16 is nearing 50 years as an operational design, and still has room to upgrade. (same for F-18), while Eurofighter is less than 30 years old, Griffin is also less than 30 years old and both are still in their prime period for incremental improvement, and Harrier is Obsolete and has been since before the Falklands war.
saying the "Newest of the new" is 'better' than an airframe that was outmoded by the 1980s and an airframe that represents the very FIRST of the 4th generation (aka "Oldest of the Last generation") really isn't saying a whole lot in terms of singing praises.